P-T | ECON LEXICON

The definitions in this lexicon are meant for common people, not for your teachers — and certainly not your professors. Please tune the definition into a more scientific style before you use it in class.

 

P

Market Price the current price for goods or services (that is due to supply and demand’s push and pull fight for balance). Imagine if supply and demand played tug of war, M.P. would be the moment when both parties are in balance. If one party fell out of force, it might cause M.P. to be re-evaluated so that the market goes back to stability.

Property Price the market price for property.

Q

R

S

Sharing Economy a concept of sharing goods between two subjects for none to some money. People will most likely to apply S. E. when the goods are expensive and rarely used, so they share them to their peers in need of the goods. It’s often mistaken for Access Economy, Harvard Business Review says, “When “sharing” is market-mediated — when a company is an intermediary between consumers who don’t know each other — it is no longer sharing at all. Rather, consumers are paying to access someone else’s goods or services.” E.g. subletting an apartment while on holiday (no intermediation of company like airbnb, instead it will fall into “access economy.”)

T

 

 

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